Hut 8 Corp., a leading Bitcoin mining company, has announced a significant upgrade to its mining fleet, aiming to enhance operational efficiency and expand mining capacity.
The company plans to acquire 31,145 BITMAIN Antminer S21+ ASIC machines, with delivery expected in early Q1 2025. This strategic move is anticipated to increase Hut 8’s self-mining hashrate by approximately 3.7 exahashes per second (EH/s), bringing the total to around 9.3 EH/s—a 66% increase.
Additionally, the upgrade is set to improve fleet efficiency from 31.7 to 19.9 joules per terahash (J/TH), marking a 37% enhancement.
In a previous announcement, Hut 8 revealed a partnership with BITMAIN to host U3S21EXPH ASIC miners at its Vega site in the Texas Panhandle.
This collaboration includes a purchase option for approximately 15 EH/s of hosted miners, with deployment targeted for the first half of 2025. The agreement is expected to generate around $135 million in annualized hosting revenue once fully operational.
Combining the fleet upgrade with the Vega site deployment positions Hut 8 to achieve a total self-mining hashrate of approximately 24 EH/s by Q2 2025. The average fleet efficiency is projected to improve to 15.7 J/TH, underscoring the company’s commitment to optimizing energy consumption and operational performance.
Hut 8’s strategic initiatives reflect a broader industry trend toward enhancing mining efficiency and scaling operations.
Other companies, such as HIVE Digital, have also upgraded their fleets with advanced ASIC miners to improve performance and reduce energy costs.
The planned upgrades and partnerships underscore Hut 8’s dedication to maintaining a competitive edge in the rapidly evolving Bitcoin mining landscape. By investing in cutting-edge technology and expanding operational capacity, the company aims to strengthen its position as a leading player in the industry.
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